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The zones of discrimination for M-Score is as such:
An M-Score of less than -2.22 suggests that the company is not an accounting manipulator.
An M-Score of greater than -2.22 signals that the company is likely an accounting manipulator.
During the past 12 years, the highest Beneish M-Score of Pampa Energia SA was 1.23. The lowest was -5.70. And the median was -2.91.
The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Z-Score) or business trend (F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.
The M-Score Variables:
The M-score of Pampa Energia SA for today is based on a combination of the following eight different indices:
|M||=||-4.84||+||0.92 * DSRI||+||0.528 * GMI||+||0.404 * AQI||+||0.892 * SGI||+||0.115 * DEPI|
|=||-4.84||+||0.92 * 1.0257||+||0.528 * 0.4793||+||0.404 * 0.9441||+||0.892 * 1.0123||+||0.115 * 0.8256|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.2884||+||4.679 * -0.0856||-||0.327 * 0.9225|
|This Year (Sep15) TTM:||Last Year (Sep14) TTM:|
|Accounts Receivable was $252.9 Mil.|
Revenue was 202.642544909 + 193.438067463 + 192.738755286 + 194.362062917 = $783.2 Mil.
Gross Profit was 3.57806068728 + -0.509547130358 + 13.9011531004 + 2.46988656298 = $19.4 Mil.
Total Current Assets was $800.5 Mil.
Total Assets was $2,546.8 Mil.
Property, Plant and Equipment(Net PPE) was $1,352.0 Mil.
Depreciation, Depletion and Amortization(DDA) was $75.5 Mil.
Selling, General & Admin. Expense(SGA) was $216.4 Mil.
Total Current Liabilities was $1,018.3 Mil.
Long-Term Debt was $546.1 Mil.
Net Income was 4.28288822948 + 6.72173003907 + 102.264589499 + 85.1335516314 = $198.4 Mil.
Non Operating Income was -16.9696776321 + -22.4241457107 + 61.4732927424 + 16.3640509882 = $38.4 Mil.
Cash Flow from Operations was 89.9869180945 + 123.104715787 + 89.8071362972 + 75.1520290025 = $378.1 Mil.
|Accounts Receivable was $243.5 Mil.
Revenue was 192.576077919 + 183.378461538 + 180.528061546 + 217.144840644 = $773.6 Mil.
Gross Profit was 5.5790473928 + -0.673723076923 + 14.2450498171 + -9.9458819817 = $9.2 Mil.
Total Current Assets was $530.6 Mil.
Total Assets was $1,830.4 Mil.
Property, Plant and Equipment(Net PPE) was $999.6 Mil.
Depreciation, Depletion and Amortization(DDA) was $45.6 Mil.
Selling, General & Admin. Expense(SGA) was $165.9 Mil.
Total Current Liabilities was $763.1 Mil.
Long-Term Debt was $455.7 Mil.
1. DSRI = Days Sales in Receivables Index
A large increase in DSR could be indicative of revenue inflation.
|DSRI||=||(Receivables_t / Revenue_t)||/||(Receivables_t-1 / Revenue_t-1)|
|=||(252.850898184 / 783.181430575)||/||(243.508849032 / 773.627441647)|
2. GMI = Gross Margin Index
Measured as the ratio of gross margin in year t-1 to gross margin in year t.
Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.
|=||(GrossProfit_t-1 / Revenue_t-1)||/||(GrossProfit_t / Revenue_t)|
|=||(-0.509547130358 / 773.627441647)||/||(3.57806068728 / 783.181430575)|
3. AQI = Asset Quality Index
AQI is the ratio of asset quality in year t to year t-1.
|AQI||=||(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t)||/||(1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)|
|=||(1 - (800.522850792 + 1352.0490731) / 2546.82630846)||/||(1 - (530.627865542 + 999.605535099) / 1830.36667063)|
4. SGI = Sales Growth Index
Ratio of sales in year t to sales in year t-1.
Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.
5. DEPI = Depreciation Index
Measured as the ratio of the rate of depreciation in year t-1 to the corresponding rate in year t.
DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.
|DEPI||=||(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1))||/||(Depreciation_t / (Depreciaton_t + PPE_t))|
|=||(45.6313064299 / (45.6313064299 + 999.605535099))||/||(75.4891748166 / (75.4891748166 + 1352.0490731))|
6. SGAI = Sales, General and Administrative expenses Index
The ratio of SGA expenses in year t relative to year t-1.
SGA expenses index > 1 means that the company is becoming less efficient in generate sales.
|SGAI||=||(SGA_t / Sales_t)||/||(SGA_t-1 /Sales_t-1)|
|=||(216.386870026 / 783.181430575)||/||(165.907539555 / 773.627441647)|
7. LVGI = Leverage Index
The ratio of total debt to total assets in year t relative to yeat t-1.
An LVGI > 1 indicates an increase$sgai= in leverage
|LVGI||=||((LTD_t + CurrentLiabilities_t) / TotalAssets_t)||/||((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)|
|=||((546.112440573 + 1018.29169459) / 2546.82630846)||/||((455.714574177 + 763.064021855) / 1830.36667063)|
8. TATA = Total Accruals to Total Assets
Total accruals calculated as the change in working capital accounts other than cash less depreciation.
|=||(NetIncome_t - NonOperatingIncome_t||-||CashFlowsfromOperations_t)||/||TotalAssets_t|
|=||(198.402759398 - 38.4435203878||-||378.050799181)||/||2546.82630846|
An M-Score of less than -2.22 suggests that the company will not be a manipulator. An M-Score of greater than -2.22 signals that the company is likely to be a manipulator.
Pampa Energia SA has a M-score of -3.19 suggests that the company will not be a manipulator.
Altman Z-Score, Piotroski F-Score, Accounts Receivable, Revenue, Gross Profit, Total Current Assets, Total Assets, Property, Plant and Equipment, Depreciation, Depletion and Amortization, Selling, General & Admin. Expense, Total Current Liabilities, Long-Term Debt, Net Income, Non Operating Income, Cash Flow from Operations
Pampa Energia SA Annual Data
Pampa Energia SA Quarterly Data